If you had the chance to invest $10,000 into your own retail business or start up your own blog, which would you choose? Without a doubt I would choose blogging, but for the sake of argument, let’s run a few scenarios on why investing in a blog is not only going to cost you a lot less money, but you will also be investing in yourself at the same time.
The keys to successful blogging are simple, yet time consuming… however these steps are necessary to build a long term business that continues to grow your brand, following and bottom line every day.
Investing in Yourself
Right off the bat we can start talking about branding and how blogging can really get your name out there. When you start writing quality content that people like and share with others, your name will start to get noticed.
If you opened a retail location of your own and maybe even got into a brand name franchise, you aren’t building up your name… you are building someone else’s brand. Should the business succeed or fail, it’s likely no one will ever know or remember your name, yet it’s the complete opposite in the world of blogging.
Start Up Costs are Insane
I was originally going to pose the question at the beginning of this post with $1,000, but decided to move it to $10,000 since you really can’t start a retail business of your own for anywhere near $1,000. Now imagine what you could do with your blog if you had $10,000 to play with.
In all honestly, that’s already $9,900 too much… anyone can start a blog with a $10 domain name and a $10 a month hosting package. A retail store and location will cost you a couple thousand in rent, another few thousand for a staff, then don’t even think about all of the merchandise and services you would need to sell just to break even each month!
Is It a Buyers Market?
Right now the economy is in the dump. If you drive down any street you are likely to see a bunch of retail locations now out of business. On the internet people are always buying. An excellent site to browse around and see what people are buying and how much people are getting for their web sites is Flippa.com.
It’s completely free to browse through the site and if you are interested in selling your site, it’s a great place to start. You might not have the best blog around, but there is a much better chance you will sell your blog for a larger profit and much faster, than if you were to try and sell your local retail store or location.
In my new book “Blogging Tips” I cover all of these topics and more. It’s all about getting into a business mentality while also being able to think of a real business model in a new fast paced world. No longer do you need to get funding and loans to start a business that has a 90% failure rate. Instead you should be looking at the opportunities that lie within the world of blogging and internet marketing.